Nevada § 279A.040 - Loan for rehabilitation: Qualifications
Full text of Nevada Nevada Revised Statutes § 279A.040 — Loan for rehabilitation: Qualifications, with citation guidance and answers to common questions.
§ 279A.040. Loan for rehabilitation: Qualifications
1. An applicant for a loan for the rehabilitation of residential property must, at
the time application is made: (a) Be a natural person who: (1) Is a resident of or an owner of residential property in the city or an unincorporated
area of the county, as the case may be; (2) Is a member of a household having a gross income of less than 120 percent of the
median gross income for households of the same size residing in the same county or
city, as applicable, as that percentage is defined by the United States Department
of Housing and Urban Development, or rents residential property to such households; (3) Owns and resides on or rents for residential purposes only the property for which
the loan is sought; (4) Has the financial resources to repay the loan in accordance with the terms of
the agreement; (5) Has the ability to complete the rehabilitation within a reasonable time and maintain
the property in a decent, safe and sanitary condition; and (6) Meets such other requirements as are imposed by the governing body; or (b) Be an organization that: (1) Is recognized as exempt pursuant to 26 U.S.C. § 501(c)(3) or 501(c)(4) ; (2) Provides affordable housing to natural persons who meet the criteria set forth
in subparagraphs (1) and (2) of paragraph (a); and (3) Has the financial resources to repay the loan in accordance with the terms of
the agreement. 2. Any residential property for which a loan for rehabilitation is sought must be: (a) Entirely situated within the boundaries of the city or within an unincorporated
area of the county, as the case may be; (b) Capable of rehabilitation within reasonable limits; and (c) Subject to not more than two encumbrances.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 279A.040
What does Nevada Revised Statutes § 279A.040 cover?
Section 279A.040 ("Loan for rehabilitation: Qualifications") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 279A.040?
A common citation format is "Nevada Revised Statutes § 279A.040" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 279A.040 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.